Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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    • Review & Overview

    Alerus Financial is a small mortgage company specializing in Home Purchase and Refi loans. Alerus Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others. We have data for 147 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alerus Financial has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Alerus Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.30% 12/16/24
    30 Year Conventional Purchase 6.50% 12/16/24
    30 Year Conventional Refi 6.44% 12/16/24
    30 Year Cash-out Refi 6.78% 12/16/24
    30 Year FHA Purchase 7.18% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    30 Year VA Refi 5.97% 12/16/24
    30 Year USDA Purchase 6.44% 12/16/24
    15 Year Conventional Purchase 6.12% 12/16/24
    15 Year Conventional Refi 6.18% 12/16/24
    15 Year Cash-out Refi 6.18% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Alerus Financial Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Alerus Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    6,534

    Origination Dollar Volume (All Markets)

    $1,921,830,000

    Employee count

    812 Show all (17) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5,076 $1,529,390,000 $301,298 $2,802 3.11%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 165 $65,185,000 $395,061 $3,161 3.34%
    FARGO, ND-MN (FHA|USDA|VA) 314 $57,980,000 $184,650 $2,144 3.25%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 267 $56,105,000 $210,131 $3,104 3.28%
    Outside of Metro Areas 171 $44,635,000 $261,023 $3,042 2.98%
    Brainerd, MN (FHA|USDA|VA) 47 $16,275,000 $346,277 $3,068 2.94%
    DULUTH, MN-WI (FHA|USDA|VA) 32 $7,540,000 $235,625 $2,737 3.18%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 18 $6,900,000 $383,333 $2,252 2.80%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 9 $6,205,000 $689,444 $4,400 3.18%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 13 $5,645,000 $434,231 $4,581 2.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 14 $5,540,000 $395,714 $3,666 3.03%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $5,350,000 $668,750 $4,299 2.95%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 16 $5,290,000 $330,625 $3,258 2.75%
    Fergus Falls, MN (FHA|USDA|VA) 15 $4,925,000 $328,333 $3,866 2.79%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 7 $3,735,000 $533,571 $2,967 2.86%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $3,690,000 $615,000 $5,790 2.71%
    Faribault-Northfield, MN (FHA|USDA|VA) 16 $3,620,000 $226,250 $2,552 3.19%
    ST. CLOUD, MN (FHA|USDA|VA) 20 $3,280,000 $164,000 $2,115 3.30%
    MADISON, WI (FHA|USDA|VA) 7 $3,025,000 $432,143 $2,854 2.82%
    ROCHESTER, MN (FHA|USDA|VA) 10 $2,960,000 $296,000 $2,856 2.81%
    Alexandria, MN (FHA|USDA|VA) 10 $2,930,000 $293,000 $6,030 3.18%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $2,610,000 $652,500 $5,594 2.91%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $2,600,000 $433,333 $5,628 2.94%
    SALT LAKE CITY, UT (FHA|USDA|VA) 3 $2,235,000 $745,000 $2,085 3.04%
    Grand Rapids, MN (FHA|USDA|VA) 8 $2,190,000 $273,750 $2,925 3.02%
    RICHMOND, VA (FHA|USDA|VA) 7 $2,105,000 $300,714 $3,691 2.64%
    Bemidji, MN (FHA|USDA|VA) 7 $2,075,000 $296,429 $4,176 2.80%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 7 $2,065,000 $295,000 $3,146 2.70%
    BISMARCK, ND (FHA|USDA|VA) 7 $2,005,000 $286,429 $2,863 2.64%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,955,000 $651,667 $5,654 3.04%
    TUCSON, AZ (FHA|USDA|VA) 7 $1,815,000 $259,286 $2,301 2.73%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $1,795,000 $359,000 $3,301 3.40%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $1,760,000 $293,333 $3,894 2.77%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,720,000 $286,667 $1,820 2.85%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $1,560,000 $390,000 $6,386 2.44%
    Hutchinson, MN (FHA|USDA|VA) 7 $1,545,000 $220,714 $2,858 3.20%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $1,395,000 $465,000 $828 2.75%
    YORK-HANOVER, PA (FHA|USDA|VA) 5 $1,295,000 $259,000 $3,586 2.43%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,832 2.56%
    Red Wing, MN (FHA|USDA|VA) 6 $1,230,000 $205,000 $1,293 2.75%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $1,230,000 $615,000 $3,998 3.06%
    MANKATO, MN (FHA|USDA|VA) 5 $1,105,000 $221,000 $1,997 2.83%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $5,568 2.59%
    Wahpeton, ND-MN (FHA|USDA|VA) 4 $1,040,000 $260,000 $3,081 2.81%
    EAU CLAIRE, WI (FHA|USDA|VA) 7 $1,035,000 $147,857 $1,863 3.09%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $1,030,000 $257,500 $2,084 2.84%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $995,000 $331,667 $3,803 2.71%
    RALEIGH-CARY, NC (FHA|USDA|VA) 3 $965,000 $321,667 $1,394 3.08%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $965,000 $965,000 $4,821 3.13%
    FORT COLLINS, CO (FHA|USDA|VA) 2 $960,000 $480,000 $2,008 3.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 5 $955,000 $191,000 $1,774 2.95%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $925,000 $308,333 $2,458 2.92%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $920,000 $460,000 $3,082 2.69%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $920,000 $460,000 $12,590 2.88%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $910,000 $455,000 $5,370 2.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 10 $890,000 $89,000 $0 3.51%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $870,000 $435,000 $1,489 3.19%
    BILLINGS, MT (FHA|USDA|VA) 2 $840,000 $420,000 $3,539 2.63%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $830,000 $415,000 $3,087 3.31%
    PROVO-OREM, UT (FHA|USDA|VA) 3 $815,000 $271,667 $2,241 2.83%
    BOULDER, CO (FHA|USDA|VA) 3 $815,000 $271,667 $4,081 2.46%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $810,000 $405,000 $7,132 3.38%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $775,000 $775,000 $4,004 3.25%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $745,000 $248,333 $2,000 2.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $735,000 $735,000 $5,548 3.25%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $700,000 $350,000 $1,021 3.31%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $700,000 $350,000 $2,208 3.31%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $675,000 $675,000 $4,145 2.88%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $660,000 $330,000 $5,303 3.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $645,000 $215,000 $2,675 3.00%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $590,000 $295,000 $4,022 3.19%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $545,000 $545,000 $4,358 3.00%
    Menomonie, WI (FHA|USDA|VA) 2 $540,000 $270,000 $2,340 3.50%
    SIOUX FALLS, SD (FHA|USDA|VA) 3 $535,000 $178,333 $1,678 2.88%
    LINCOLN, NE (FHA|USDA|VA) 3 $515,000 $171,667 $2,140 3.17%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $480,000 $240,000 $3,028 2.81%
    COLUMBUS, OH (FHA|USDA|VA) 1 $475,000 $475,000 $2,501 3.13%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 8 $470,000 $58,750 $0 4.09%
    FLAGSTAFF, AZ (FHA|USDA|VA) 1 $415,000 $415,000 $2,084 2.50%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $1,753 2.50%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $3,345 3.38%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $385,000 $385,000 $3,721 2.50%
    GRAND JUNCTION, CO (FHA|USDA|VA) 2 $370,000 $185,000 $2,345 3.50%
    RAPID CITY, SD (FHA|USDA|VA) 1 $355,000 $355,000 $2,608 3.00%
    COLUMBIA, SC (FHA|USDA|VA) 1 $345,000 $345,000 $3,703 3.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $340,000 $170,000 $1,619 3.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $335,000 $335,000 $2,816 2.63%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $325,000 $325,000 $3,214 2.63%
    CASPER, WY (FHA|USDA|VA) 1 $325,000 $325,000 $3,363 3.13%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,444 2.38%
    Owatonna, MN (FHA|USDA|VA) 2 $320,000 $160,000 $2,549 2.75%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $320,000 $160,000 $1,469 2.81%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $315,000 $315,000 $2,749 2.88%
    Traverse City, MI (FHA|USDA|VA) 1 $315,000 $315,000 $3,181 2.38%
    Albert Lea, MN (FHA|USDA|VA) 3 $305,000 $101,667 $1,238 2.88%
    Show Low, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.86%
    SALEM, OR (FHA|USDA|VA) 1 $295,000 $295,000 $3,882 2.88%
    YUMA, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $3,302 2.88%
    Watertown, SD (FHA|USDA|VA) 1 $285,000 $285,000 $0 2.88%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $285,000 $285,000 $1,458 2.75%
    BEND, OR (FHA|USDA|VA) 1 $275,000 $275,000 $3,941 3.50%
    RACINE, WI (FHA|USDA|VA) 1 $265,000 $265,000 $1,285 3.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $1,395 2.50%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,863 2.88%
    TULSA, OK (FHA|USDA|VA) 1 $265,000 $265,000 $3,850 3.25%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $260,000 $130,000 $1,765 3.88%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $255,000 $255,000 $5,852 2.75%
    Lock Haven, PA (FHA|USDA|VA) 1 $245,000 $245,000 $4,830 3.25%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $235,000 $235,000 $2,569 2.88%
    Marshall, MN (FHA|USDA|VA) 1 $235,000 $235,000 $3,140 2.88%
    Concord, NH (FHA|USDA|VA) 1 $235,000 $235,000 $2,096 3.13%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $225,000 $225,000 $5,626 3.63%
    Glenwood Springs, CO (FHA|USDA|VA) 1 $225,000 $225,000 $2,660 2.88%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $225,000 $225,000 $2,245 2.63%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $225,000 $225,000 $3,975 2.25%
    Whitewater, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,600 3.25%
    OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,961 3.63%
    Minot, ND (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.88%
    FLINT, MI (FHA|USDA|VA) 2 $200,000 $100,000 $1,928 2.50%
    Silver City, NM (FHA|USDA|VA) 1 $195,000 $195,000 $960 3.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $185,000 $185,000 $4,411 3.00%
    Mount Pleasant, TX (FHA|USDA|VA) 1 $185,000 $185,000 $3,319 2.50%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $175,000 $175,000 $1,716 3.25%
    Winona, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,522 3.13%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $165,000 $165,000 $3,204 3.00%
    Stevens Point, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,735 2.38%
    Austin, MN (FHA|USDA|VA) 1 $155,000 $155,000 $3,466 3.63%
    Fairmont, MN (FHA|USDA|VA) 1 $155,000 $155,000 $2,325 3.38%
    Key West, FL (FHA|USDA|VA) 1 $155,000 $155,000 $1,092 2.75%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $155,000 $155,000 $2,358 2.63%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $2,573 3.00%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,021 2.50%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $145,000 $145,000 $1,955 2.63%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $3,288 2.25%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,097 2.50%
    Eureka-Arcata, CA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
    Willmar, MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,070 3.00%
    Klamath Falls, OR (FHA|USDA|VA) 1 $125,000 $125,000 $2,470 2.25%
    Worthington, MN (FHA|USDA|VA) 1 $115,000 $115,000 $525 5.29%
    FORT SMITH, AR-OK (FHA|USDA|VA) 1 $115,000 $115,000 $336 2.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,069 2.75%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,267 3.00%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,722 3.00%
    Payson, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $1,508 3.25%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.38%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $65,000 $65,000 $1,814 2.75%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $65,000 $65,000 $2,710 2.75%
    Alerus Financial's top markets include Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Alerus Financial based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,514 $1,757,300,000 $318,698 $2,707 2.98%
    HELOC 788 $97,800,000 $124,112 n/a 4.12%
    FHA 118 $30,190,000 $255,847 $6,219 2.90%
    VA 107 $34,655,000 $323,879 $5,128 2.59%
    USDA 7 $1,885,000 $269,286 $4,632 2.61%

    For 2021, Alerus Financial's most frequently originated type of loan was Conventional, with 5,514 originations. Their 2nd most popular type was HELOC, with 788 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,750 $916,470,000 $333,262 $3,048 3.05%
    Refi 2,455 $725,115,000 $295,363 $2,561 2.92%
    Cash Out Refi 572 $169,380,000 $296,119 $3,093 3.10%
    Home Improvement 523 $83,215,000 $159,111 $2,638 3.87%
    Other 234 $27,650,000 $118,162 $20 4.18%

    For 2021, Alerus Financial's most frequently cited loan purpose was Home Purchase, with 2,750 originations. The 2nd most popular reason was Refi, with 2,455 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,917 $1,538,845,000 $312,964 $2,962 3.06%
    15 Year 813 $190,475,000 $234,287 $2,476 2.76%
    20 Year 491 $95,195,000 $193,880 $2,391 3.70%
    10 Year 93 $20,015,000 $215,215 $1,463 3.20%
    1 Year 82 $12,240,000 $149,268 $738 4.97%
    30+ year 55 $48,675,000 $885,000 $5,730 2.99%
    5 Year 47 $8,675,000 $184,574 $0 4.25%
    Other 33 $7,055,000 $213,788 $1,598 3.58%
    3 Year 3 $655,000 $218,333 $0 3.75%

    For 2021, Alerus Financial's most frequently cited loan duration was 30 Year, with 4,917 originations. The 2nd most popular length was 15 Year, with 813 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,769 $903,105,000 $326,148
    $<1k 2,173 $643,915,000 $296,325
    $2k-3k 297 $100,865,000 $339,613
    $3k-4k 139 $52,225,000 $375,719
    $5k+ 70 $39,840,000 $569,143
    $4k-5k 56 $22,660,000 $404,643

    Alerus Financial's average total fees were $2,962, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,769 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 3,047 $1,051,535,000 $345,105
    3-4% 2,068 $557,050,000 $269,367
    <2.5% 936 $257,280,000 $274,872
    4-5% 426 $51,190,000 $120,164
    5-6% 57 $4,775,000 $83,772

    During 2021, Alerus Financial's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 3,047 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 3,066 $874,470,000 $285,215 $2,826 2.97%
    $100k-200k 1,452 $222,770,000 $153,423 $2,256 3.13%
    $400k-600k 987 $470,625,000 $476,824 $3,408 2.92%
    $100,000 or less 687 $40,445,000 $58,872 $951 4.03%
    $600k-1MM 263 $198,585,000 $755,076 $4,248 3.00%
    $1MM+ 79 $114,935,000 $1,454,873 $5,418 2.93%

    2021 saw Alerus Financial place emphasis on $200k-400k loans with 3,066 originations, totaling $874,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,608 $430,840,000 $267,935 $2,741 3.13%
    $150k-250k 1,533 $497,985,000 $324,843 $3,016 3.19%
    $50k-75k 957 $199,545,000 $208,511 $2,591 3.02%
    $75k-100k 953 $234,065,000 $245,609 $2,774 3.02%
    $250k+ 882 $433,750,000 $491,780 $3,374 3.21%
    $50k or less 408 $64,250,000 $157,475 $2,401 2.96%

    Alerus Financial lent most frequently to those with incomes in the $100k-150k range, with 1,608 originations. The second most popular income band? $150k-250k, with 1,533 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,945 $592,365,000 $304,558 $2,769 3.07%
    30-36% 1,253 $368,875,000 $294,393 $2,787 3.14%
    <20% 1,015 $304,155,000 $299,660 $2,728 2.99%
    38% 242 $67,910,000 $280,620 $3,012 3.14%
    37% 221 $65,705,000 $297,308 $2,711 3.11%
    39% 206 $66,260,000 $321,650 $2,975 3.08%
    41% 205 $63,325,000 $308,902 $2,814 3.14%
    42% 198 $60,270,000 $304,394 $3,009 3.14%
    40% 198 $56,590,000 $285,808 $3,077 3.18%
    36% 196 $56,270,000 $287,092 $2,932 3.18%
    43% 148 $38,500,000 $260,135 $3,113 3.14%
    44% 128 $35,660,000 $278,594 $2,890 3.08%
    45% 106 $23,650,000 $223,113 $3,082 3.27%
    49% 93 $19,995,000 $215,000 $2,343 3.45%
    47% 91 $23,825,000 $261,813 $3,262 3.20%
    48% 83 $20,185,000 $243,193 $2,945 3.34%
    46% 76 $16,660,000 $219,211 $2,873 3.39%
    50-60% 45 $10,465,000 $232,556 $3,886 3.36%
    >60% 3 $515,000 $171,667 $0 4.48%

    Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 1,945 originations. The next most common DTI ratio? 30-36%, with 1,253 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,597 $1,413,895,000 $307,569 $2,888 3.03%
    Not provided 1,509 $382,495,000 $253,476 $2,592 3.34%
    Asian 203 $60,425,000 $297,660 $2,597 3.00%
    Black 121 $30,845,000 $254,917 $3,413 3.07%
    Not applicable 40 $17,240,000 $431,000 $0 4.21%
    American Indian 34 $8,850,000 $260,294 $2,451 3.14%
    Asian Indian 16 $3,760,000 $235,000 $2,392 3.17%
    Other Asian 6 $2,290,000 $381,667 $3,887 2.92%
    Native Hawaiian or Islander 3 $735,000 $245,000 $3,092 2.88%
    Korean 1 $545,000 $545,000 $4,023 3.25%
    Other Pacific Islander 2 $430,000 $215,000 $3,507 3.56%
    Vietnamese 1 $255,000 $255,000 $0 2.50%
    Chinese 1 $65,000 $65,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    98.36%

    Alerus Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.39%

    Alerus Financial has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 6,534 $1,921,830,000 $294,128

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    6,534 $1,921,830,000 $294,128

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 567 $100,695,000 $177,593 $2,043 3.56%
    40-60% 1,073 $285,995,000 $266,538 $2,502 2.87%
    60-80% 2,418 $828,620,000 $342,688 $2,945 2.99%
    80-100% 1,900 $657,920,000 $346,274 $3,122 2.95%
    Over 100% 16 $5,110,000 $319,375 $9,026 2.73%
    Under 20% 545 $38,525,000 $70,688 $348 4.23%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Alerus Financial, National Association 11100 Wayzata Boulevard Minnetonka, MN 55305 Full Service B&M $132,785
    Alerus Financial, National Association 15 Broadway Fargo, ND 58102 Full Service B&M $101,792
    Alerus Financial, National Association 1540 S. Stapley Drive Mesa, AZ 85204 Full Service B&M $21,040
    Alerus Financial, National Association 17045 North Scottsdale Road Scottsdale, AZ 85255 Full Service B&M $95,823
    Alerus Financial, National Association 19765 Highway 7 Shorewood, MN 55331 Full Service B&M $171,300
    Alerus Financial, National Association 2300 South Columbia Road Grand Forks, ND 58201 Full Service B&M $215,264
    Alerus Financial, National Association 3137 32nd Avenue Sw Fargo, ND 58103 Full Service B&M $141,793
    Alerus Financial, National Association 401 Demers Avenue Grand Forks, ND 58201 Full Service B&M $513,980
    Alerus Financial, National Association 409 Second Street Excelsior, MN 55331 Full Service B&M $47,112
    Alerus Financial, National Association 500 Demers Ave Grand Forks, ND 58201 Full Service B&M $45,505
    Alerus Financial, National Association 503 Washington Ave. Northwood, ND 58267 Full Service B&M $32,797
    Alerus Financial, National Association 7890 Mitchell Road Eden Prairie, MN 55344 Full Service B&M $59,554
    Alerus Financial, National Association 901 13th Avenue East West Fargo, ND 58078 Full Service B&M $204,773
    Alerus Financial, National Association 990 Helena Street North Oakdale, MN 55128 Full Service B&M $178,051
    Alerus Financial, National Association Canadian Pacific Plaza, 120 S 6th St, Ste. 200 Minneapolis, MN 55402 Full Service B&M $828,495

    For 2021, Alerus Financial had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $92,657
    Net interest income $88,996
    Total noninterest income $147,534
    Gross Fiduciary activities income $89,563
    Service charges on deposit accounts $1,395
    Trading account gains and fees $0
    Additional Noninterest Income $56,576
    Pre-tax net operating income $74,242
    Securities gains (or losses, -) $125
    Income before extraordinary items $56,643
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $56,643
    Minority interest net income $0
    Net income $56,643
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $56,544

    Alerus Financial's gross interest income from loans was $92,657,000.
    Alerus Financial's net interest income from loans was $88,996,000.
    Alerus Financial's fee based income from loans was $1,395,000.
    Alerus Financial's net income from loans was $56,643,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,661
    Provision for credit losses $-3,500
    Total noninterest expense $165,788
    Salaries and employee benefits $113,743
    Premises and equipment expense $8,283
    Additional noninterest expense $43,762
    Applicable income taxes $17,724
    Net charge-offs $-826
    Cash dividends $16,000

    Alerus Financial's interest expense for loans was $3,661,000.
    Alerus Financial's payroll and benefits expense were $113,743,000.
    Alerus Financial's property, plant and equipment expenses $8,283,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $3,002,304
    Deposits held in domestic offices $3,002,304
    Deposits by Individuals, partnerships, and corporations $2,821,038
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $181,091
    Deposits by Commercial banks and other depository institutions in U.S. $175
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $603,368
    Demand deposits $330,276
    Nontransaction accounts $2,398,936
    Money market deposit accounts (MMDAs) $2,069,201
    Other savings deposits (excluding MMDAs) $96,825
    Total time deposits $232,911
    Total time and savings deposits $2,672,028
    Noninterest-bearing deposits $1,020,593
    Interest-bearing deposits $1,981,711
    Retail deposits $2,910,782
    IRAs and Keogh plan accounts $23,270
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,390,640
    Cash & Balances due from depository institutions $242,311
    Interest-bearing balances $222,097
    Total securities $1,205,710
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,772,938
    Loan and leases loss allowance $31,572
    Trading account assets $0
    Bank premises and fixed assets $22,010
    Other real estate owned $855
    Goodwill and other intangibles $53,620
    All other assets $93,196

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,390,640
    Total Liabilities $3,048,412
    Total deposits $3,002,304
    Interest-bearing deposits $1,981,711
    Deposits held in domestic offices $3,002,304
    % insured (estimated) $37
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $46,108

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,772,938
    Loan and leases loss allowance $31,572
    Total loans and leases (domestic) $1,804,510
    All real estate loans $1,322,386
    Real estate loans in domestic offices $1,322,386
    Construction and development loans $72,249
    Residential 1-4 family construction $31,630
    Other construction, all land development and other land $40,619
    Loans secured by nonfarm nonresidential properties $496,116
    Nonfarm nonresidential secured by owner-occupied properties $198,236
    Commercial real estate & other non-farm, non-residential $297,880
    Multifamily residential real estate $75,295
    1-4 family residential loans $651,244
    Farmland loans $27,482
    Loans held in foreign offices $0
    Farm loans $27,240
    Commercial and industrial loans $403,880
    To non-U.S. addressees $0
    Loans to individuals $45,363
    Credit card loans $0
    Related Plans $9,575
    Consumer Auto Loans $30,209
    Other loans to individuals $5,579
    All other loans & leases $5,641
    Loans to foreign governments and official institutions $0
    Other loans $390
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $676
    Non 1-4 family restructured loans & leases $674
    Total loans and leases (foreign) $0

    Alerus Financial had $1,772,938,000 of loans outstanding in 2021. $1,322,386,000 of loans were in real estate loans. $72,249,000 of loans were in development loans. $75,295,000 of loans were in multifamily mortgage loans. $651,244,000 of loans were in 1-4 family mortgage loans. $27,240,000 of loans were in farm loans. $0 of loans were in credit card loans. $30,209,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 284 $95,076 $334,775
    Nonfarm, nonresidential loans - <$100k 18 $1,017 $56,500
    Nonfarm, nonresidential loans - $100-250k 64 $7,561 $118,141
    Nonfarm, nonresidential loans - $250k-1MM 202 $86,498 $428,208
    Commercial & Industrial, US addressed loans - <$1MM 1,793 $181,407 $101,175
    Commercial & Industrial, US addressed loans - <$100k 955 $29,158 $30,532
    Commercial & Industrial, US addressed loans - $100-250k 504 $56,639 $112,379
    Commercial & Industrial, US addressed loans - $250k-1MM 334 $95,610 $286,257
    Farmland loans - <$1MM 62 $12,691 $204,694
    Farmland loans - <$100k 6 $251 $41,833
    Farmland loans - $100-250k 25 $3,616 $144,640
    Farmland loans - $250k-1MM 31 $8,824 $284,645
    Agriculture operations loans - <$1MM 299 $14,376 $48,080
    Agriculture operations loans - <$100k 217 $4,776 $22,009
    Agriculture operations loans - $100-250k 64 $5,789 $90,453
    Agriculture operations loans - $250k-1MM 18 $3,811 $211,722